IFB Agro's share price falls by 6% as company says armed goons attacked its distillery in West Bengal

IFB agro
  • IFB Agro's share price fell nearly 6% after the company told stock-exchanges in a statement that armed goons attacked its distillery in West Bengal’s South 24 Parganas.
  • IFB Agro Industries sought help from the CM Mamata Banerjee after an alleged attack on one of its distilleries in South 24 Parganas.
  • According to the company, the “unidentified hooligans” also damaged the CCTV cameras, computers, medical room and other facilities in the factory.
  • This came at a time when the company was preparing for normalization after opening up its second distillery in Dankuni.
IFB Agro’s share price fell nearly 6% in the early minutes of trading after the company told stock-exchanges in a statement that armed goons attacked its distillery in West Bengal’s South 24 Parganas district on June 25. The company said it had sought help from the Chief Minister Mamata Banerjee after police seemed helpless.

It said that at around 7:40 am on Thursday, a group of more than 150 “armed goons” forcibly entered its distillery at Noorpur, where they beat up the security guards and practically held other employees on duty as hostage. According to the company, the “unidentified hooligans” also damaged the CCTV cameras, computers, medical room and other facilities in the factory.
The company claims that its distillery was asked to shut down and the employees were forced to vacate the factory at gunpoint by the attackers. “Necessary complaint was made to the local police station, but they seemed helpless. The distillery has been closed since then. We have sought help from the chief minister of West Bengal and also from finance, commerce and industry minister of the state of West Bengal,” the company said.

This came at a time when the company was preparing for normalization after opening up its second distillery in Dankuni— which was shut due to the prolonged shutdown caused by the coronavirus and then Cyclone Amphan. The company had reopened its plant at Noorpur in South 24 Parganas on June 16, and due to the fear of the virus, the company was also working with only 50% workforce at Country Spirit bottling units.
Advertisement


In late March IFB Agro Industries share price took a massive hit because of the coronavirus pandemic, subdued sales and shutting down liquor shops and its factories. The company saw a high demand for its liquor products after the government reopened shops around the country in May.

However, IFB Agro’s share price saw a tepid growth in comparison to its peers since the lockdown had been eased for liquor companies.

StocksGrowth since March 31
IFB Agro33.90%
Empee Distilleries172.55%
Globus Spirits48.85%

The company is one of the top 10 distilleries and wineries companies in India. It is largely engaged in the manufacturing and distribution of alcohol, bottling of branded alcoholic beverages and packaging of processed marine foods both for domestic and export markets. It also has bottling plants and distilleries in Burdwan, Hooghly, Kolkata, Murshidabad, North Bengal, Purulia and South 24 Parganas and produces extra neutral alcohol in Bengal along with Globus Spirits.
Advertisement


SEE ALSO: Birthday flashback: All the things that Elon Musk did after making his first billion just 8 years ago⁠

Two ways the H1-B visa freeze could change things for TCS, HCL Tech, Infosys and other Indian IT companies
{{}}